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Old 11-25-2013, 12:02 PM   #1
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"Family Bank" ...... is that you?

This article may hit home with some: 50-plus crowd prone to becoming 'family bank'




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Old 11-25-2013, 12:14 PM   #2
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Me and my wife saved and lived well below our means to put our children through college, retire at 55 and live comfortably.
Our children took minimal loans of about 3,000/year so they had some skin in the game.
After gaining employment and paying on them for 2 years, we paid off the balance.
I am not the family bank. My saving has already been allocated to supporting me until I die.


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Old 11-25-2013, 12:55 PM   #3
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Interesting article, especially since my brothers and I actively use our parents as a "Family Bank".

The article focuses on the negatives that could be associated with being/using a family bank, but in our family it is a very positive thing. My Brothers and I, all in our 30s, are very financially sound and don't require assistance -- however occasionally we need to access credit like most folks. In our family my parents are in a position to be that source of credit. Its not charity, it has an interest rate, and needs to be paid back in specific terms. But the benefit is very much to my parents, they are able to use their capital in a way that returns an interest rate far better than a money market account or CD, and my Brothers and I have access to very discounted loans.

We certainly don't exclusivly use the "Family Bank", we all carry traditionally house notes, and occasionally will access other bank provided capital just to keep and maintian our individual credit ratings. But for short term, epecially unsecurred debt, the family bank is the way to go for us.
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Old 11-25-2013, 01:15 PM   #4
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Signs of the times. However, the days of generational inheritance are quickly fading. My father had a pension and SS from a fortune 500 company he worked at for 45 years - they also inherited over half a million. It's all gone from years of catastrophic health, assisted living, Alzheimer care and reverse mortgages.

Enjoy "the last generations" of the family bank while you can.... future generations have no promise of social security - and way to much confidence in the stock market / global economy - and a government that is hopelessly addicted to debt which future generations will dearly pay for.
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Old 11-25-2013, 01:32 PM   #5
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I know a few of them. I in my family I am the financially responsible one. I borrowed a little from my parents when I was collage age. Actually they offered to pay for my used truck, but I had to pay them back and there was penalties if I was late on a payment. Now I have an older sibling that has been unemployed for a few years, who has zero income, drained all their retirement and still somehow pays their extremely large mortgage payment. I suspect the family bank is paying, but I am being kept out of the loop. I have had a chat with the family bank, not sure if they listened thou. Hopefully I am teaching my kid good financial manners. But my wife wanted to save, to pay for his full college expense, his future wedding, and a down payment on his first house. I said NO. shortly later with our financial planner, he told her the same thing and the reasons why not to, and how to teach him financial responsibilities. No my DW says no too.

It is one thing if an unexpected emergency happens and you need a loan for a few days maybe a month.
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Old 11-25-2013, 02:07 PM   #6
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This describes an imoral act: to give somoene something that they could get on thir own. It has the effect of making the giver feel elitist in nature and at the same time it kills the spirit of the reciever and forms an owner/slave relationship.
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Old 11-25-2013, 06:54 PM   #7
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Sallie and I are NOT the family bank. Both of our boys are doing well on their own. They can get the money when we are gone.
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Old 11-25-2013, 07:12 PM   #8
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My sons are in their early 30's now, and there's no way I would deny them the learning experience of overcoming difficult financial circumstances on their own.
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Old 11-25-2013, 08:32 PM   #9
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I pay all my kids bills but then they are 10 and 12 so I'll cut them a little slack. Seriously my dad was always there for me when I was younger even though I never asked for help and I'll be there for my kids.
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Old 11-25-2013, 10:48 PM   #10
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My brother and I were told to get out at 18. We're both fine.
My step siblings were allowed to linger as long as they wanted. They're still in limbo in late 20s/early 30s. My parents are trying to wean them off the teat now, but they're trying to break very bad habits.

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